WASHINGTON — The U.S. Federal Reserve ended its two-day rate meeting with a decision to raise its benchmark rate by 0.25 percent, to a range of 0.75 percent to 1.0 percent.
One member of the Federal Open Market Committee voted against the rate increase.
The Federal Reserve also indicated the need for two more rate increases this year, should the economy stay on its current course, and another three rate increases in 2018, though policy makers suggest the increases will continue to be small and gradual.
The Federal Reserve also now forecasts a terminal Fed Funds rate, or the highest it sees its key rate getting in this tightening cycle, of 3 percent in 2019.
